Press Release
Winnipeg, MB, June 13, 2023 - Canada Life
The Canada Life Assurance Company (Canada Life), a subsidiary of Great-West Lifeco Inc. (Lifeco), has reached an agreement to acquire Value Partners Group Inc. (Value Partners), a fast-growing Winnipeg-based investment firm known for its positive impact in serving clients with complex and sophisticated wealth needs. With it, Value Partners brings its primary business units Value Partners Investment Counsel, Value Partners Investments, and LP Financial Planning Services.
“This acquisition is another step in our efforts to build the leading wealth management platform for independent advisors and their clients in Canada,” said Jeff Macoun, President and Chief Operating Officer, Canada Life. “Value Partners is an excellent complement to our existing wealth business and rounds out our capabilities to accelerate our strategy. We’re investing in a full spectrum of personalized wealth solutions and capabilities to support advisors in meeting their clients personalized needs.”
“We started Value Partners to improve the lives of families across Canada by partnering with the best advisors and investing in the best businesses. Today, our clients have $1.45 Billion more than they initially invested.” said Gregg Filmon, President, Value Partners Investments. “Together with Canada Life’s world class insurance and investment products and exceptional advisors, we are going to help far more Canadians build their wealth.”
Value Partners Group will continue to operate independently, with its existing management team and employees. Over time, Canada Life will bring together the full range of wealth products, services and support so that advisors can evolve their practices.
“The addition of Value Partners Group builds on our existing foundation and our recently announced agreement to acquire Investment Planning Counsel,” said Fabrice Morin, EVP, Individual Wealth and Insurance Solutions, Canada Life. “Value Partners Investment Counsel Portfolio Management platform will further extend our wealth capabilities and provide advisors with leading discretionary asset management solutions and services through a dedicated team of private investment counselors. It’s another way for advisors to grow their practice and meet their clients’ changing needs.”
“We know that Canadians who work with an advisor are better off. That’s why we’re continuing to invest in advice-centered solutions and the capabilities to enable advisors to serve their clients,” said Hugh Moncrieff, EVP, Advisory Network and Industry Affairs, Canada Life. “Value Partners Group enables us to support more advisors with a full spectrum of personalized wealth solutions and capabilities.”
The transaction is expected to close by the end of 2023 and is subject to customary closing conditions including regulatory approvals (including from the Toronto Stock Exchange). The acquisition will be financed with existing resources and isn’t expected to have a material impact on Canada Life’s financial position.
Value Partner Group will add to Canada Life’s position as one of the largest non-bank wealth providers in Canada – resulting in more than 4,000 advisor relationships and $89 billion in assets under administration after closing the acquisition.
The Manitoba Securities Commission and the Ontario Securities Commission issued a decision document on April 19, 2023 granting Lifeco exemptive relief from the formal take-over bid requirements of applicable securities laws in certain provinces of Canada. A copy of the decision is expected to be posted on the website of the Manitoba Securities Commission at www.mbsecurities.ca.
About Great-West Lifeco Inc.
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. We operate in Canada, the United States and Europe under the brands Canada Life, Empower, Putnam Investments, and Irish Life. At the end of 2022, our companies had approximately 31,000 employees, 234,500 advisor relationships, and thousands of distribution partners – all serving our more than 38 million client relationships across these regions. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation of Canada group of companies.
About The Canada Life Assurance Company
The Canada Life Assurance Company is an international company providing insurance, wealth management, and healthcare benefit products and services in Canada, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life. Canada Life also provides reinsurance products, though Canada Life Reinsurance, primarily in the U.S., Barbados, Bermuda and Ireland.
We are an industry leader providing Canadians options for personal insurance solutions, including life, health and dental, disability, critical illness, and creditor insurance. As a leading provider of group workplace benefit plans, we help employers and associations provide valuable benefits to their employees and members. In addition, Canada Life offers investments, retirement and wealth management solutions including annuities and segregated funds.
For 175 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made. We proudly serve more than 12 million customer relationships from coast to coast to coast.
Canada Life is a subsidiary of Great-West Lifeco Inc. and a member of the Power Corporation of Canada group of companies.
About Value Partners Group Inc.
Value Partners Group Inc. is an investment firm dedicated to improving the lives of its clients by investing wisely. Since its inception, Value Partners has grown the collective wealth of their clients by more than $1.45 billion* - but more importantly, has helped Canadians achieve their financial goals and retire comfortably without the need to worry about money.
*Wealth created figure in CAD as of June 8, 2023. Source: Value Partners Investments.
For More Information Contact:
Liz Kulyk
Assistant Vice-President, Media & Public Affairs
The Canada Life Assurance Company
204-391-8515
[email protected]
Steve Norton
Executive Vice President
Value Partners Investments
647-300-0226
[email protected]